Bitcoin News

China is the engine behind Bitcoin. The Chinese are generating about 80% of the world’s Bitcoins, and this has been the case for a couple of years. Behind “The Great Wall” are massive corporate Bitcoin mining operations which successfully mine 50 BTC or more daily, as I reported on last year. China’s national government is preparing to go with a new digital currency, according to Bitcoin mining mogul Chandler Guo.

“The Future of Money” Has a Bright Future in China

Bitcoin is a big deal. Besides the world’s banks and corporations running to use its advanced technology, BBC thinks it is important enough to send their Danny Vincent into the mountains of China of several days to learn about how a large Bitcoin mine works. The mine generates 50 BTC a day and millions of dollars of Bitcoin, annually. Vincent could not reveal the location, and had to live in the mine during his time there.

Chandler Guo is a serious Bitcoin mining mogul looking to build a true Bitcoin mining empire. He already has not one but two massive Bitcoin mines, and he says he is building a third that will be capable of producing 30% of the world’s Bitcoin. Go also is working on a mobile app to mine Bitcoin on the go.

Considering the fact that Guo is so heavily invested in Bitcoin and the digital currency industry, and lives and works in China, his opinion, and understanding of the market carries weight. He sees Bitcoin heading well into the future of the Chinese economy that is going through a massive transition that will welcome digital currencies like Bitcoin.

"The Chinese Government has not banned Bitcoin, but now the government is interested in the technology behind Bitcoin, the blockchain,” says BitBanks’s Chandler Guo. The Chinese internet is developing very quickly. If they use blockchain technology, it could become China’s future currency. It would become currency missed by the government. In the future, many countries, including the Chinese government, will start issuing digital currencies."

The People’s Bank of China earlier this year spoke with executives from Citibank and Deloitte about the creation of a national blockchain and a national digital currency. The meeting was so important that the People's Bank of China Governor Zhou Xiaochuan attended. In China, the national bank is majority owned by China’s national government, so they are basically one and the same.

China developing a national digital currency has many benefits, such as preventing “capital flight,” as investors and the wealthy are divesting themselves out of the country due to their weakening economy at an accelerated pace. Going digital can exert more control over the nation’s financial holdings, plus remove the cost of producing physical money, and make the entire economy more efficient. Also, things like tax evasion and money laundering will also be easier to control and eliminate.

African country Tunisia has already started the digital currency ball rolling by offering a national digital currency at the start of the year. The United States’ Federal Reserve has also held meetings with IBM along the lines of the aforementioned meeting the Chinese held about a future digital currency and what it would entail.

That the world is to become full of digital currencies, both national and private isn’t a matter of if, but when. Bitcoin is just the father, taking the world by the hand, and showing them how to successfully create “The Future of Money.”

Author : Evander Smart

Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University